Oil Slips Below £44, Reaches Lowest Point Since 2021
UK drivers finally get some breathing room with petrol prices dropping below £44 for the first time since 2021. The latest 3p drop in January means the average petrol price in the UK is 131.91p per litre. A typical 55-litre fuel tank now costs just £72.55.
The drop is largely due to easing international market conditions, with oil prices now at $60 per barrel.
The diesel price has also fallen to 140.97p after a 3p dip. However, it’s still higher than its lowest point since July 2021 (134.36p per litre).
The dip is being termed temporary. Prices are likely to rise due to changes in the international market. The main factor here is the Strait of Hormuz. This tiny stretch of water handles 20 million barrels of oil every day. If tensions between Iran and the US choke off trade, UK prices will be adversely affected as well.
Meanwhile, PCO drivers should take advantage of the dip in oil prices and refuel while they can.
Sources:
https://www.regit.cars/car-news/uk-petrol-prices-hit-lowest-level-since-2021
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